Ex-FTX CEO Sam Bankman-Fried will get to spend Christmas with his family, after a federal judge approved a historic $250 million bond at his first U.S. court appearance.
Following arguments by federal prosecutors and Bankman-Fried’s defense counsel, the disgraced crypto mogul was told by a judge that he would be allowed to await trial at his parents house in Palo Alto, California.
Nicolas Roos, a New York-based prosecutor, told U.S. Magistrate Judge Gabriel Gorenstein that the government was proposing a bail package that included a $250 million bond, home detention, and location monitoring.
Roos described it as “the highest ever pre-trial bond,” and that the bond would be secured by the Palo Alto property.
Bankman Fried will not be able to spend more than $1,000 except on defense related costs, nor start other businesses, without court approval. He will also have to surrender his passport. Bankman-Fried’s defense counsel said he agreed with these conditions.
(Reporting by Shikha Singh, Editing by Kapil Rajaygopal)
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